Diokno Resolute In Vision To Improve Filipinos' Lives Through Prudent Fiscal Management

Finance Secretary Benjamin E. Diokno remains steadfast in his commitment to enhancing the lives of Filipinos through careful fiscal management, ensuring sustainable and inclusive economic growth.

The Finance Chief has led international and local Philippine Economic Briefings to showcase the country's robust macroeconomic fundamentals, favorable investment climate, and strategic focus areas. I Photo: Department of Finance Facebook

In an exclusive interview with People Asia Magazine, the Finance Secretary shared his vision of positioning the Philippines firmly alongside other economic powerhouses in the Asia-Pacific region.

He emphasized that achieving strong economic growth figures should ultimately benefit the Filipino people.

He stated, "It all comes down to ensuring that these economic numbers translate into tangible improvements for the Filipino people, such as reduced poverty, increased and improved job opportunities, higher levels of education, and better public health outcomes."

As part of the efforts to revitalize and advance the Philippine economy from its pre-pandemic condition, Finance Secretary Diokno, under President Ferdinand R. Marcos, Jr.'s administration, spearheaded the creation of the country's inaugural Medium-Term Fiscal Framework (MTFF).

This framework aims to achieve macro-fiscal stability without compromising economic growth and is considered the guiding principle for the administration.

The MTFF serves as a fiscal consolidation plan, with objectives that include reducing the country's debt-to-GDP ratio from 60.9 percent in 2022 to below 60 percent by 2025, decreasing the deficit-to-GDP ratio to 3.0 percent by 2028, and maintaining annual infrastructure spending at 5 to 6 percent of gross domestic product (GDP).

Since the beginning of the Marcos Jr. administration, Secretary Diokno has implemented various reforms identified as crucial by the President.

These reforms encompass improvements to the public-private partnership (PPP) policy framework and the establishment of the Maharlika Investment Fund (MIF), the nation's first sovereign investment fund dedicated to fostering economic growth.

Secretary Diokno expressed his pride in the day-to-day work of the Department of Finance, which involves developing tax, fiscal, and economic reforms, engaging with legislators and decision-makers to find the best solutions for pressing issues in the country, and promoting the Philippines globally as an ideal destination for business.

The Finance Chief has led international and local Philippine Economic Briefings to showcase the country's robust macroeconomic fundamentals, favorable investment climate, and strategic focus areas.

In addition, he has represented the Philippines in numerous investor roadshows, roundtable discussions, bilateral and multilateral meetings, as well as international events.

He said, "We possess all the necessary components to ascend among our high-achieving peers. As long as we remain united, and our political leaders and policymakers maintain their focus on what truly matters — a better life for all Filipinos — then this vision is attainable."

Secretary Diokno is an accomplished economist and public servant with a distinguished track record spanning four administrations.

Prior to his appointment as Finance Secretary, he held positions as Undersecretary and Secretary of the Department of Budget and Management (DBM) and as Governor of the Bangko Sentral ng Pilipinas (BSP), where he earned global recognition for his decisive leadership in implementing pandemic response measures to pave the way for recovery.

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